Making inferences about aggregate business cycles from regional variation alone is difficult because of economic channels and shocks that differ between regional and aggregate economies. However, we argue that regional business cycles contain valuable information that can help discipline models...

We argue that it is difficult to make inferences about the drivers of aggregate business cycles using regional variation alone because (i) the local and aggregate elasticities to the same type of shock are quantitatively different and (ii) purely aggregate shocks are differenced out when using...

I am grateful for such thoughtful review from these three distinguished geographers. Fotheringham provides an excellent summary of the approach offered, including how it combines the two methods that have dominated applications (and methodological analysis) for nearly half a century - the method...